Bitmine Immersion Technologies (BMNR), the world’s largest ether-focused treasury company, has made the biggest purchase of the second-largest cryptocurrency by market capitalization this year by acquiring 60,999 ETH last week.

Source: X

The acquisition, which amounts to nearly $140 million at current value, slightly exceeded the previous week’s 60,976 ETH purchase and brought Bitmine’s total ether reserves to 4,595,562 tokens, now valued over $10 billion, according to an update by the company on March 16, 2026.

However, Bitmine has still managed to maintain a $1.2 billion cash reserve even after increasing its stake in crypto assets. Bitmine has also strengthened its stake in Worldcoin-focused treasury firm Eightco (ORBS) in addition to the ETH investment.

The market has positively reacted to this, with the stock of Bitmine increasing by nearly 9% in pre-market trading. At the time of writing, Ethereum is trading at $ 2,268.72 with a 24-hour trading volume of $ 54.69 billion and a market capitalization of $ 276.12 billion. ETH price increased 9% over the last 24 hours.

Source: CoinMarketCap

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Bitmine Thrives Amid Geopolitical Tensions

Chairman Thomas “Tom” Lee pointed out that geopolitical tensions have had less influence on crypto than on traditional assets. “Since the beginning of the Iran war, crypto asset prices have performed better.

Ethereum is up 2,450 basis points more than the S&P 500. Higher oil prices are causing growth worries, which in turn are causing investors to buy growth assets such as MAG7, software, and crypto.”

Bitmine continues to earn significant revenues from staking, with the firm earning around $180 million in annualized revenues from 3.04 million ETH. The firm has estimated that the staking revenues can increase to $272 million with the addition of other tokens to earn yield.

Yet, in spite of the current market decline, Bitmine has managed to continue adding to its treasury, and the unrealized losses for its ETH holdings are estimated at about $6.5 billion, as DropsTab states.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

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